Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to cities returned to senate died in assembly |
Jun 09, 2015 |
referred to ways and means delivered to assembly passed senate |
May 18, 2015 |
advanced to third reading |
May 13, 2015 |
2nd report cal. |
May 12, 2015 |
1st report cal.634 |
Apr 23, 2015 |
referred to cities |
Senate Bill S4898
2015-2016 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Cities Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
2015-S4898 (ACTIVE) - Details
- Current Committee:
- Senate Cities
- Law Section:
- New York City Administrative Code
- Laws Affected:
- Amd ยง11-1706, NYC Ad Cd
2015-S4898 (ACTIVE) - Sponsor Memo
BILL NUMBER:S4898 TITLE OF BILL: An act to amend the administrative code of the city of New York, in relation to the general corporation tax SUMMARY OF PROVISIONS: This bill would extend the S-Corporation credit on the City's personal income tax from July 1, 2015 through December 31, 2018. The credit is received by resident shareholders of S-Corporations that pay the New York City general corporation tax (GCT) The credit is equal to 100 percent of GCT liability for taxpayers with New York State taxable income of $35,000 or less. The credit percentage decreases at higher incomes, and phases out to zero at a taxable income of $100,000. STATEMENT IN SUPPORT: This bill will enable New York City to continue providing relief to resident shareholders of S-Corporations that pay New York City's general corporation tax. Small businesses are the core of economic life in New York City. More than three quarters of the firms in the City have less than 10 employ- ees. These firms are found in all sectors of the City's economy-from law
2015-S4898 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4898 2015-2016 Regular Sessions I N S E N A T E April 23, 2015 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Cities AN ACT to amend the administrative code of the city of New York, in relation to the general corporation tax THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (A) of paragraph 2 of subdivision (f) of section 11-1706 of the administrative code of the city of New York, as added by chapter 4 of the laws of 2013, is amended to read as follows: (A) Subject to the limitations set forth in subparagraphs (B) and (C) of this paragraph, the credit allowed to a taxpayer for a taxable year under this subdivision shall be determined as follows: (i) For taxable years beginning on or after January first, two thou- sand fourteen and before [July first, two thousand fifteen] JANUARY FIRST, TWO THOUSAND NINETEEN: (I) If the city taxable income is thirty-five thousand dollars or less, the amount of the credit shall be one hundred percent of the amount determined in paragraph three of this subdivision. (II) If the city taxable income is greater than thirty-five thousand dollars but less than one hundred thousand dollars, the amount of the credit shall be a percentage of the amount determined in paragraph three of this subdivision, such percentage to be determined by subtracting from one hundred percent, a percentage determined by subtracting thir- ty-five thousand dollars from city taxable income, dividing the result by sixty-five thousand dollars and multiplying by one hundred percent. (III) If the city taxable income is one hundred thousand dollars or greater, no credit shall be allowed. [(IV) Provided further that for any taxable year of a taxpayer for which this credit is effective that encompasses days occurring after June thirtieth, two thousand fifteen, the amount of the credit deter- mined in item (I) or (II) of this clause shall be multiplied by a frac- EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10626-01-5
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